Financial options for Virginia College Students

Financial options for Virginia College Students

SAVANNAH, GA (WTOC) -

WTOC is learning more about what options students who were enrolled at Virginia College have when it comes to school credits and student loans.

This comes after the college announced their closing last week. This impacts about 15,000 students around the country, including about 400 students at the Savannah campus.

Virginia College’s parent company, Education Corporation of America, have listed about 27 colleges that have said they will accept students who would like to transfer their credits and complete their degree.

But it’s up to the students to do the research and request a transfer.

According to data WTOC obtained from the Department of Education, about 82% of students enrolled in Savannah have student loans.

Since the school closed, students may be eligible to have their federal loans discharged.

However, should students seek to transfer credits or hours, they will still be responsible for paying back the money that went towards those credits.

If students have a non-federal loan through a private lender, they will need to contact the lender to find out if those loans can be forgiven.

Graduates with student loans can apply for a type of loan forgiveness called a Borrower Defense Loan if students feel like the school misled you or violated laws directly related to your federal student loan or to the educational services for which the loan was provided.

However, WTOC is not aware of any allegations against Virginia College for violating any law.

For the students who have graduated from Virginia College, their degree should not be impacted and should not affect graduates who are seeking employment or career opportunities. However, employers may want an explanation about what happened.

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